Deadline to Apply for SBA Physical Damage Disaster Loan in Michigan is May 3

ATLANTA, April 4, 2013 /PRNewswire-USNewswire/ -- The U.S. Small Business Administration reminds homeowners, renters, businesses and non-profit organizations of the deadline to submit disaster loan applications for damages due to severe storms and flooding between Jan. 30 and Feb. 16. The deadline to apply for physical damage is May 3, 2013.

Low-interest disaster loans are available in the following counties: Clare, Isabella, Lake, Mecosta, Montcalm, Newaygo and Osceola in Michigan.

Loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for loans up to $40,000 to repair or replace damaged or destroyed personal property. Businesses and non-profit organizations of any size may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.

For small businesses, small agricultural cooperatives, small businesses engaged in aquacultural, and most private non-profit organizations of all sizes, the SBA offers Economic Injury Disaster Loans (EIDLs) to help meet working capital needs caused by the disaster. EIDL assistance is available regardless of whether the business suffered any physical property damage.

Interest rates are as low as 1.688 percent for homeowners and renters, 2.875 percent for non-profit organizations and 4 percent for businesses with terms up to 30 years. The SBA sets the loan amounts and terms based on each applicant's financial condition.

Disaster loan information and application forms may also be obtained by calling the SBA's Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing) or by sending an email to disastercustomerservice@sba.gov. Loan applications can be downloaded from www.sba.gov. Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.

The filing deadline to return applications for physical property damage is May 3, 2013. The deadline to return economic injury applications is December 4, 2013.

For more information about the SBA's Disaster Loan Program, visit our website at www.sba.gov.